2025卡特彼勒公司年度报告

REPORT2025 CORPORATEOVERVIEW CorporateheadquartersIrving, Texas NYSEstock symbolCAT Caterpillar Inc. is the world’s leading manufacturer of constructionand mining equipment, off-highway diesel and natural gasengines, industrial gas turbines and diesel-electric locomotives. ReportablesegmentsPower & EnergyConstruction IndustriesResource IndustriesFinancial Products For more than a century, Caterpillar has built a better, moresustainable world. Backed by one of the largest independentglobal dealer networks and financing services throughCat Financial, we are committed to solving our customers’toughest challenges through commercial excellence, advancedtechnology leadership, and a strong foundation of operationalexcellence. None of this would be possible without our highlytalented and dedicated team. DividendAristocrat status Paid higher annualdividends toshareholders for 32consecutive years Servicesrevenues1$24B Research &development$2.1B Sales &revenues$67.6B 150Cat®dealers2serving ~190 countries ~Primary locations24 countries with operations Sales outsidethe U.S. 118,0004MEmployees +Cat products at workaround the world3 Foundationcontributions$55.8M Connectedreporting assets1.6M+ CHAIRMAN& CEOMESSAGE Dear Fellow Shareholders, The world is investing in physical infrastructure at a pace andscale that will define the next decade and beyond. Data centersare being built to meet surging demand for AI and cloudcomputing. Power grids are being expanded and reinforced.Critical minerals are being extracted to support growing globalenergy needs and power the devices we rely on every day.Roads, ports and industrial facilities are being constructed andmodernized across every major economy. These are not short-term trends. Urbanization, digitalization,electrification and the evolving global energy landscape arecreating sustained, long-duration demand for the physicalsystems that underpin modern life. Our customers are essentialto meeting that demand, and Caterpillar equips them to do it. In 2025, we celebrated our centennial. For 100 years, Caterpillarhas been essential to every major wave of infrastructureinvestment—from the roads and dams that modernizedeconomies around the world, to the mines that supply the rawmaterials behind modern technology, to the power systems thatkeep critical operations running today. The world’s needs havechanged enormously over that span. Caterpillar has grown withthem every time. What makes this moment different is the wide range ofdemand coming together at the same time, combined withhow we are evolving to meet it. Caterpillar today has thebroadest equipment portfolio in our industries, an unmatchedindependent dealer network around the world, and a growingset of technology capabilities. As a result, our business isbecoming more essential and valuable to the customerswe serve and more integrated in their operations. “WHAT MAKES THISMOMENT DIFFERENTIS THE WIDE RANGEOF DEMAND COMINGTOGETHER AT THE SAME TIME,COMBINED WITH HOW WEARE EVOLVING TO MEET IT.” We are delivering results that reflect that positioning. In2025, sales and revenues reached $67.6 billion, the highestin Caterpillar’s history. We maintained adjusted operatingprofit margin within our target range, generated $9.5 billionof Machinery, Power & Energy (MP&E) free cash flow4andreturned $7.9 billion to shareholders through share repurchasesand dividends. Adjusted profit per share4was $19.06. CHAIRMAN & CEO MESSAGE (continued) The next 100 years A refreshed strategy At our 2025 Investor Day, we introduced a refreshed strategicplan for profitable growth organized around our mission—solving our customers’ toughest challenges—and three pillars:Commercial Excellence, Advanced Technology Leader andTransform How We Work. All three are built on a foundationof Operational Excellence and guided by Our Values in Action:Safety, Integrity, Teamwork, Excellence and Commitment. As we enter our second century, we do so with convictionin the opportunity ahead and in Caterpillar’s ability tocapture it. The physical foundation most people never thinkabout—generating power, extracting critical minerals, andconstructing and maintaining the infrastructure that keepseconomies running—is becoming more important. This is the“invisible layer” that makes progress possible, and it wouldnot exist without Caterpillar. Demand for the invisible layerhas never been greater, and our customers who build, powerand maintain it have never needed us more. Caterpillar is hereto deliver enduring value for customers, communities andshareholders today and for generations to come. Together, these pillars are designed to deepen how we servecustomers across the full equipment lifecycle; acceleratethe deployment of technology and digital solutions that helpthem work safer, more productively, and with less unplanneddowntime; and strengthen the operating capabilities that allowus to grow while protecting margins and cash returns. Thank you for your